Oil prices dipped to near $108 a barrel today as the dollar continued to strengthen and attention shifted to concerns over slowing global demand for crude after Hurricane Gustav left oil installations in the Gulf of Mexico region largely undamaged.
By midday in Europe, light, sweet crude for October delivery was down $1.46 to $108.25 a barrel in electronic trading on the New York Mercantile Exchange.
Yesterday, the contract settled at $109.71 a barrel, down $5.75 from the close of trading Friday, before the Labor Day weekend. U.S. floor trading was closed Monday. At one point...
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